More property horror stories for Halloween
Following on from last week’s “property horror stories” post, here are five more property scares to be aware of this Halloween:
Before you appoint a builder for the first time always get testimonials and ask to speak to past clients before you agree to a project.
For larger projects always get at least three quotes.
Once you find a builder that is good, always look after them.
Avoid auction fever
In the exciting atmosphere of an auction room it can be easy to get carried away. Set yourself a maximum price and stick to it. Remember that most of your profit is made when you buy not when you sell.
Don’t forget your exits
Always try to plan multiple exits from a project. For example, if the housing market suddenly collapses will you be able to discount your price and still realise a profit? Or, will it be possible to rent the property while you wait for the market to recover?
Delaying too long
It’s easy to think that property is too expensive at the moment and that you’ll wait until there is a price drop before you buy. Most of us mere mortals can’t foretell the market but the old adage ‘Don’t wait and buy property; buy property and wait’ has proven to be very accurate over the years.
Avoid being penny wise, pound foolish
Avoid risking a lot to potentially save a little. Two of the biggest culprits:
- using a cheap solicitor/conveyancing company – pay decent fees for personal one-to-one service to ensure you’re not passed around countless case handlers for months.
- going with the cheapest interest rate provider – this normally results in your application being buried with thousands of other applications with the ensuing delays to secure finance. It’s much better to pay a slightly higher interest rate to secure property deals that realise profits of £30, £40 or £50,000+ than wait weeks and months on the promise of .5 % lower interest rate!
To find out more about the local and national property market, or if you would like to chat about anything to do with property investment, give us a ring on Norwich 01603 567804 or send us a message.
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